Financial Daily from THE HINDU group of publications
Thursday, Feb 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 23, 2006 |
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Government
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Policy Money & Banking - General Insurance Agri-Biz & Commodities - Animals & Livestock Livestock insurance scheme coming — Centre to bear 50 pc of premium, says Cabinet panel Our Bureau
New Delhi , Feb. 22 THE Cabinet Committee on Economic Affairs (CCEA) has approved the `Livestock insurance scheme' that is to be implemented as a pilot project in 100 districts during 2005-06 and 2006-07. The Government will subsidise half of the premium that has to be paid, with the entire cost of the subsidy being borne by the Central Government. The Government has targeted insuring 15 lakh animals under the scheme with an estimated expenditure of Rs 120 crore. However, the subsidy in premium will be restricted to two animals per beneficiary and will be given for one time insurance of an animal up to three years. In an effort to get competitive premium rates, the Government will also encourage the private sector insurers to participate in the scheme. The scheme has been formulated with the twin objective of providing protection to the farmers and cattle rearers against any eventual loss of their animals due to death. It also seeks to demonstrate the benefits of the scheme to the people and popularise it with the ultimate goal of attaining qualitative improvement in livestock and their products. The districts to be selected will be those where livestock is a potentially important source of income supplementation and where special efforts are being made to introduce cross breed and high yield cattle. Extension of the scheme during the 11th Five-year Plan will be considered after reviewing the performance of the scheme during the two years. The insurance scheme will also be implemented through the Livestock Development Board in coordination with the Panchayati Raj institutions.
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